This page reflects T options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 20, 2026 close
Max Pain — T
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $24.50 (0.43 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$24.50
Nearest expiry
Expected Move
±$0.47
±1.9%
Days to Expiry
2
Calendar days
Total Call OI
36,504
Nearest expiry
Total Put OI
18,364
Nearest expiry
P/C OI Ratio
0.50
Put-heavy
Spot Price
$24.93
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$25.50
5/8/2026, 11:29:28 PM
2026-05-15
$26.00
5/15/2026, 11:40:02 PM
2026-05-22NextUpdated
$24.50
5/20/2026, 11:34:03 PM
2026-05-29
$25.00
5/20/2026, 11:34:03 PM
2026-06-05
$25.00
5/20/2026, 11:34:03 PM
2026-06-12
$25.00
5/20/2026, 11:34:03 PM
2026-06-18
$26.00
5/20/2026, 11:34:03 PM
2026-06-26
$25.00
5/20/2026, 11:34:03 PM
2026-07-17
$26.00
5/20/2026, 11:34:03 PM
2026-08-21
$24.00
5/20/2026, 11:34:03 PM
2026-09-18
$26.00
5/20/2026, 11:34:03 PM
2026-10-16
$26.00
5/20/2026, 11:34:03 PM
2026-12-18
$25.00
5/20/2026, 11:34:03 PM
2027-01-15
$25.00
5/20/2026, 11:34:03 PM
2027-03-19
$25.00
5/20/2026, 11:34:03 PM
Selected expiration: 2026-05-22 at max pain $24.50.
T pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
17220800
17220800
16
12800
15385400
15398200
17
28700
13551500
13580200
18
55100
11718300
11773400
19
82500
9885100
9967600
20
110700
8054500
8165200
21
143700
6223900
6367600
22
188500
4397800
4586300
22.5
227450
3494450
3721900
23
266650
2604300
2870950
23.5
311700
1740150
2051850
24
357700
943150
1300850
24.5
458600
377850
836450
25
766750
111100
877850
25.5
1873150
40650
1913800
26
3251600
6050
3257650
26.5
4757000
2300
4759300
27
6293800
2100
6295900
27.5
7878750
1950
7880700
28
9563950
1800
9565750
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.